11:36 AM EST - Lara Exploration Ltd. : announced signing of a Letter of Intent with Maxy Gold Corp. regarding the acquisition of Maxy by, or merger of Maxy into, Lara at an exchange ratio of one Lara share for eight Maxy shares. Lara Exploration noted that the exchange ratio represents a premium of 35% to the closing price of Maxy's shares on September 22, 2009. The transaction would involve Lara issuing 4.30 million shares and, following completion, Lara would have 23.5 million issued shares. Further, Lara said Maxy's President, Andre Gauthier, is intended to join Lara's Board of Directors and become its President on closing. Lara Exploration Ltd.
shares V.LRA are trading down $0.01 at $0.66.
